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2016-10-10 18:01:13

CBS

CBS

$55.73

0.51 (0.92%)

, VIA

Viacom

$40.95

-0.04 (-0.10%)

…18:01

10/10/16

10/10

18:01

10/10/16

18:01

CBS chief Moonves would seek autonomy as part of any Viacom deal, Reuters says

CBS (CBS) CEO Les Moonves plans to seek autonomy from the Redstone family and its National Amusements in leading the company if it merges with Viacom (VIA), reports Reuters, citing sources. Moonves is looking to capitalize on his solid track record at CBS to secure as much influence as possible over the hypothetical combined company, the sources told Reuters. Negotiations between the CEO and National Amusements haven't yet started in earnest, and Moonves' exact terms are not yet clear, the sources told Reuters. Reference Link

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. CBS (CBS) downgraded to Market Perform from Outperform at Telsey Advisory with analyst Tom Eagan saying that CBS will probably merge with Viacom (VIA, VIAB). 2. Jabil Circuit (JBL) downgraded to Hold from Buy at Needham with analyst Sean Hannan saying that 2017 will unlikely be a "robust year." 3. Pearson (PSO) downgraded to Neutral from Outperform at Exane BNP Paribas. 4. Syntel (SYNT) downgraded to Market Perform from Outperform at Barrington with analyst Vincent Colicchio saying he's "increasingly concerned that the challenging environment will continue to negatively impact the company's business." 5. FMC Technologies (FTI) downgraded to Neutral from Accumulate at Seaport Global wit analyst Mark Brown saying upstream customers have "little appetite" for deepwater development spending. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

10/04/16

UBSW

10/04/16UPGRADEUBSWBuy

CBS upgraded to Buy from Sell at UBS

10/04/16

UBSW

10/04/16UPGRADETarget $66UBSWBuy

CBS upgraded to Buy at UBS

As reported previously, UBS analyst Doug Mitchelson upgraded CBS (CBS) to Buy from Sell. The analyst sees any deal with Viacom (VIA) as priced into CBS shares already. He also has increased confidence in consensus estimates for CBS and sees further upside if the national TV ad market and CBS' ratings remain strong. Mitchelson raised his price target to $66 from $52 on CBS shares.

10/04/16

10/04/16UPGRADE

On The Fly: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. CBS (CBS) upgraded to Buy from Sell at UBS with analyst Doug Mitchelson saying he sees any deal with Viacom (VIA) as priced into CBS shares already. He also has increased confidence in consensus estimates for CBS and sees further upside if the national TV ad market and CBS' ratings remain strong. 2. Pandora (P) upgraded to Conviction Buy from Buy at Goldman with analyst Heath Terry saying he sees significant upside to out-year estimates from premium radio and on-demand subscriptions. He expects competition to ease as new entrants slow and existing providers focus on profitability and limit "free" models. 3. Las Vegas Sands (LVS) upgraded to Buy from Neutral at BofA/Merrill with analyst Shaun Kelley saying shares remain fairly under-owned and thinks estimate revisions will move higher due to market momentum, better ROI for Parisian, Cotai infrastructure additions, and optionality from Japan and real estate. 4. KBR (KBR) upgraded to Buy from Hold at Deutsche Bank with analyst Chad Dillard saying yesterday's 10% post-guidance cut selloff is overdone and backward-looking. 5. West Marine (WMAR) upgraded to Buy from Neutral at B. Riley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

VIAViacom

$40.95

-0.04 (-0.10%)

09/20/16

BMUR

09/20/16NO CHANGETarget $65BMURBuy

Brean Capital says merger between Viacom and CBS is quite possible

Brean Capital analyst Alan Gould believes a merger between Viacom (VIA) and CBS (CBS) is quite possible. In such a scenario, the analyst sees Viacom buying CBS, which would allow for a greater premium to CBS shareholders, but he added there is also the possibility of CBS doing the buying. Gould believes a merger would be the best way to maximize returns for both shareholders. He also believes such a merger could already be discounted in the shares. Gould rates CBS a Buy with a $65 price target.

09/20/16

WELS

09/20/16NO CHANGEWELS

Viacom dividend likely to be eliminated, says Wells Fargo

Wells Fargo says that the market is expecting Viacom (VIA,VIAB) to cut its dividend by 50%. However, Wells Fargo says that the company will eliminate its entire dividend within tow months from now. The firm says that a 50% cut would enable Viacom to barely make its debt payments for the next year but still leave it "with limited financial visibility running at break-even with no cushion." The firm thinks that the company needs at least some cash cushion. It does not expect the company to merge with CBS (CBS) and keeps an Underperform rating on Viacom.

09/22/16

TLSY

09/22/16DOWNGRADETLSYMarket Perform

CBS downgraded on likely Viacom merger at Telsey Advisory

As noted earlier, Telsey downgraded CBS (CBS) to Market Perform from Outperform. Analyst Tom Eagan says that CBS will probably merge with Viacom (VIA, VIAB). The analyst believes that it will take "years" for Viacom to be turned around, and he says that Viacom's fiscal 2017 EBITDA will come in 18% below its fiscal 2015 level. The analyst expects the company's credit rating to be downgraded by S&P. CBS target to $57 from $67.

VIABViacom

$36.26

-0.01 (-0.03%)

09/21/16

WDLK

09/21/16NO CHANGETarget $65WDLK

Viacom price target lowered to $65 from $82 at Wunderlich

09/22/16

FBCO

09/22/16NO CHANGETarget $42FBCOOutperform

Viacom price target lowered to $42 from $53 at Credit Suisse

Credit Suisse analsyt Omar Sheikh lowered Viacom estimates driven by lower forecasts for Paramount and reduced its price target to $42 from $53. The analyst believes management changes make the long-term earnings recovery from a potential restructuring of Cable Networks and a return of Paramount profitability more likely and maintains his Outperform rating.